EXHIBIT 12 EXXON CORPORATION COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (MILLIONS OF DOLLARS)
YEAR ENDED DECEMBER 31, ----------------------------------------- 1997 1996 1995 1994 1993 ------- ------- ------- ------ ------ Income before cumulative effect of accounting changes................. $ 8,460 $ 7,510 $ 6,470 $5,100 $5,280 Excess/(shortfall) of dividends over earnings of affiliates owned less than 50% accounted for by the equity method...................... 35 33 25 (20) (24) Provision for income taxes(1)....... 4,777 4,893 4,428 3,025 3,113 Capitalized interest................ (347) (389) (418) (306) (291) Minority interests in earnings of consolidated subsidiaries.......... 403 382 299 231 246 ------- ------- ------- ------ ------ 13,328 12,429 10,804 8,030 8,324 ------- ------- ------- ------ ------ Fixed Charges:(1) Interest expense--borrowings....... 298 359 478 530 533 Capitalized interest............... 494 520 533 405 374 Rental expense representative of interest factor................... 469 447 416 401 387 Dividends on preferred stock....... 5 3 3 3 7 ------- ------- ------- ------ ------ 1,266 1,329 1,430 1,339 1,301 ------- ------- ------- ------ ------ Total adjusted earnings available for payment of fixed charges....... $14,594 $13,758 $12,234 $9,369 $9,625 ======= ======= ======= ====== ====== Number of times fixed charges are earned............................. 11.5 10.4 8.6 7.0 7.4
- - --------------------- Note: (1) The provision for income taxes and the fixed charges include Exxon Corporation's share of non-consolidated companies 50% owned. 1